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Jet Boats: A Case Study

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Please consider this cover letter as part of the attached Offer in Compromise, provided by our clients, Tindini P/L as trustee for M & D Wood Family Trust and Wayne Santini, on behalf of Jet Boats, USA, Inc. (“Jet Boats”). On July 27, 2017, the California Department of Taxation and Fee Administration filed a personal property tax lien against Jet Boat’s vessel named Bruce, Official Number 1253648, HIN MTF329511313 (the “Vessel”), for Jet Boats’ failure to pay a use tax after bringing the Vessel into the State of California. Our clients hold a $354,375 Secured Promissory Note (the “Note”) secured by a Preferred Ship Mortgage (the “Mortgage”) over the Vessel. The Mortgage, executed on June 8, 2014, is senior to your tax lien. (See T.M. Cobb

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